Unusual Machines, a drone technology developer acquiring the consumer operations of Red Cat, filed on Tuesday with the SEC to raise up to $20 million in an initial public offering.
In November 2022, Unusual Machines agreed to acquire the consumer division of drone company Red Cat Holdings (RCAT), which consists of subsidiaries Rotor Riot and Fat Shark Holdings. The transaction is expected to close simultaneously with the IPO. Fat Shark designs and manufactures ultra-low latency video goggles for first-person view drone pilots, and Rotor Riot's principal business is the operation of a drone-focused e-commerce marketplace.
The San Juan, Puerto Rico-based company was founded in 2019 and plans to list on the Nasdaq under the symbol UMAC. It has not selected an underwriter yet. No pricing terms were disclosed.
